Mortgage split with ex partner

Rob1878

My ex partner and I bought a house together over six years ago. Both our names on are on the mortgage and on the property deeds with the Land Registry.

When we bought the property my partner put a 25% deposit down, so to reflect this we both signed an agreement which stated the property is split 80/20 in her favour.

During the six years we were together I gave my partner a monthly sum to cover bills including the mortgage.

At a conservative estimate the property is valued at approximately £260,000 with approximately £140,000 still on the mortgage.

There is also a time share with both our names on, with approximately £37,000 of debt remaining. However the loan for the time share is in my partner’s name solely.

At solicitor’s advice we sought family mediation meeting. After 3 such meetings we could not agree on a solution. The mediator worked out that my 20% share would equate to £24,000. My partner’s final offer is £5,000.

My solicitor is advising litigation which will cost a minimum of £7,000, money which I do not have.

What are my best options here? If I do nothing then my partner cannot sell the property without my knowledge can she?

foxy-stoat

Take the £5,000 and have your name removed from the mortgage and time share.

You will only lose if you have to pay any more legal costs.

Mojisola

R!!!878 wrote: »

If I do nothing then my partner cannot sell the property without my knowledge can she?

Sign up with https://propertyalert.landregistry.gov.uk/ just in case she tries to do so.

Tom99

R!!!878 wrote: »

What are my best options here? If I do nothing then my partner cannot sell the property without my knowledge can she?

Correct. You as joint owner would have to sign the contract and transfer documents.
How much did you originally buy the property for?
The 80/20 split is flawed, it should have been that you partner gets 25% of the sale price then you split what's left after the mortgage is paid off 50/50.

Rob1878

Tom99 wrote: »

Correct. You as joint owner would have to sign the contract and transfer documents.
How much did you originally buy the property for?

£215,000 as I recall.

Tom99

If the deed of trust had been correctly worded rather than the fixed 80/20 then the split would have been:
Partner - 25% of £260k = £65k
£260k less £65k less £140k mortgage = £55k
Therefore:
You £55k x 50% = £27.5k
Partner £65k + £27.5k = £92.5k

foxy-stoat

Tom99 wrote: »

If the deed of trust had been correctly worded rather than the fixed 80/20 then the split would have been:
Partner - 25% of £260k = £65k
£260k less £65k less £140k mortgage = £55k
Therefore:
You £55k x 50% = £27.5k
Partner £65k + £27.5k = £92.5k

By the sounds of it, it wasn't worded correctly.

If it was then he would be walking away with £9,000 instead of £5,000. Still not worth thousands of pounds in legal costs to chase £4,000.

Tom99

foxy-stoat wrote: »

By the sounds of it, it wasn't worded correctly.
If it was then he would be walking away with £9,000 instead of £5,000. Still not worth thousands of pounds in legal costs to chase £4,000.

How do you arrive at £9,000?
A 80/20 split as per the document signed would give the OP £24,000 and a fair split how the document should have been worded £27,500.

[Deleted User]

A £5k offer on a share worth £24k is taking the pi55. You are already disadvantaged given the 80/20 split wasn’t particularly fair to you in the first place. What is happening with the timeshare? Is that being sold or is she keeping all of that? How much is the timeshare worth?

The longer you don’t sell, the more equity your ex will continue to accumulate (assuming that over time the property value increases) at your expense due to the 80/20 split. Her ‘final’ offer is so low ball that I’d be tempted to start legal proceedings with a view to requesting court costs awarded against her for being unreasonable.

Rob1878

Lover_of_Lycra wrote: »

A £5k offer on a share worth £24k is taking the pi55. You are already disadvantaged given the 80/20 split wasn’t particularly fair to you in the first place. What is happening with the timeshare? Is that being sold or is she keeping all of that? How much is the timeshare worth?

QUOTE]

The timeshare is up for sale at approximately £80,000 but she had no offers in the two years that it was up for sale whilst I was with her.

Rob1878

Following on from my original post I have received communication from my ex partner’s solicitors trebling the original offer. They have though deducted money for me not having contributed to the mortgage for the last 10 months. Is this fair and/or legal? My ex hasn’t contributed to my rent for the last 10 months either.